ALP is one of the most heavily shorted small-cap biotech names in the US market right now. Short interest has exploded 367% in a single week to 68% of float. The borrow market has tightened dramatically alongside it.
Short interest stood at just under 10% of float a week ago. It now sits at 68% — roughly 4.3 million shares short as of May 13. That move took shape over barely five trading days.
Cost to borrow has tracked the surge. CTB hit 104.7% APR on May 13, up 51% week-on-week and double where it stood a month ago. Short sellers are paying over 100 cents per dollar borrowed, per year, just to hold these positions.
Availability has tightened sharply. The borrow pool is under significant strain. With utilization implied near 81% of available inventory on May 13 — and as high as 95% on May 12 — the ratio of shares still available to borrow has compressed to a fraction of what it was last month. Availability is now firmly in the "very tight" range, meaning roughly one share remains unborrrowed for every four already on loan.
The ORTEX short score hit 80.9 on May 12. That compares to 54.6 just eight days earlier on May 4. The score's rapid ascent reflects the combined weight of high SI, tight availability, and elevated borrowing costs — all arriving at the same time.
The factor ranks back this up. ALP's short-score rank sits at the 3rd percentile — meaning nearly all stocks carry lower short pressure. Its utilization rank is also in the bottom 3%.
The stock closed at $0.27 on May 13. It has lost 13.4% over the past month. The market cap data is unavailable, but at that price and share count, this is a micro-cap name with thin float.
That matters. When short interest reaches 68% of a small free float, the pool of available shares shrinks fast. Each new short position competes for the same limited inventory. That dynamic is what drives CTB above 100%.
Next earnings are scheduled for July 24. Between now and then, the lending market is the one to watch.
What to watch: Whether CTB can hold above 100% as availability tightens further — and whether any covering activity emerges into the earnings date.
See the live data behind this article on ORTEX.
Open ALP on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
